Zeldin to Bishop: Oppose the Bailout Plan Main Street Should Not Have to Bailout Wall Street

Statement

Zeldin To Bishop: Oppose the Bailout Plan Main Street Should Not Have To Bailout Wall Street

The Republican and Conservative Party candidate for New York's First Congressional District is demanding that his opponent vote against the misguided plan for Main Street's bailout of Wall Street.

Lee Zeldin, Republican candidate for the Eastern Long Island district, opposes Washington's plan to force taxpayers to foot the bill for a $700 billion dollar bailout of Wall Street.

"My opponent, Congressman Tim Bishop, has voted lock step with his party 99% of the time, making him one of the least independent Congressional Representatives in America," said Zeldin. "Now is the time for him to show some intestinal fortitude and oppose the $700 billion dollar bailout of Wall Street.

I have reserved my support or opposition until I assessed all of the advantages and disadvantages of the various alternatives. As a fiscally conservative candidate, and a middle class Long Islander, I have been very skeptical all along.

The proposed bail out plan is a short term fix, not a long term solution. We could see an immediate spike in the markets, but the culture of corruption in Washington, which led us to this moment, will continue to drive us deeper into debt nationally until challenged."

Treasury Secretary Hank Paulson promised America a stabilized economy after rescuing Bear Stearns in March, then Fannie Mae and Freddie Mac then AIG. Zeldin believes, "Enough is Enough. A trillion dollars of taxpayer dollars towards bailing out our economy is entirely unacceptable. Where was Tim Bishop and his colleagues when oversight of Fannie Mae and Freddie Mac was most needed?

I agree that Congress must take action, but the current bail out plan is not the answer. We must not dismantle Main Street in order to save a few companies on Wall Street. Private capital should bail out Wall Street. By suspending the Business Tax and Capital Gains Tax we will free up private capital, which is a better alternative than taxing Main Street. Congress must look further into Market Reform as the best solution."

Zeldin continues his campaign long promise to fight for the hard working, blue collar, middle class Long Islanders. Zeldin added, "Why should my future constituents who have saved and spent their money wisely be forced to bail out Wall Street executives who drove their corporations into the ground? They deserve to be sitting behind bars for many, many years. Forget the golden parachutes and give them yellow jump suits."

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